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How does the Coronavirus and the economy affect Illinois homeowners, renters, and consumers?

Article written by Illinois & Iowa Attorney Kevin O'Flaherty
Updated on
April 6, 2020

Let’s face it. Our economy is in a recession. We don’t know how bad or how deep yet. But we are there. People with “non-essential” jobs are facing layoffs. Many are collecting unemployment. Things are changing rapidly. The fact of the matter is that many of us are about to be, or are already in, financial distress. 

When the housing bubble burst, many consumers didn’t know how to respond. People were told lots of different things, many of which weren’t true.   That bad information made people worse off than they were before. Debt collectors became bolder, breaking the law in the process. People were afraid to seek help because of the social stigma. 

That behavior must stop. This economic downturn will be much worse than the recession in 2008. People will fall behind on payments: bills, rent, mortgage, car loan, etc. Hoping that the problem will get better is a terrible idea. You need to know your options now. Do you have a large amount of credit card debt? How tight is your budget? Would a month or more of lost income cause you to start defaulting on payments? 

You need a strategy tailored to your unique needs. Are you already involved in a home foreclosure? Are you behind on mortgage payments? How about your credit cards? It’s important that people take their financial temperatures now before issues crop up. Consult with one of our attorneys today. Going into uncertain times with a road map is invaluable. 

Our attorneys can analyze your situation and help you understand timelines, best and worst-case scenarios, what options you have, and when to exercise them. Contact us now to set up a consultation.

Additional Financial Considerations
from Financial Experts

From Financial Experts

For many years, financial institutions have been creating a disservice to clients and the industry as a whole for years.
View More Professional Considerations

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